Binance has officially registered as a reporting entity with India’s Financial Intelligence Unit (FIU), marking its 19th global regulatory milestone.
Commenting on this development, Binance’s CEO, Richard Teng, emphasized the significance of this step for the company: “Our registration with the FIU-IND is a key milestone in our journey. With the Indian VDA market’s immense potential, aligning with local regulations allows us to better serve Indian users and contribute to the country’s ongoing VDA growth.”
India is recognized as a global leader in grassroots crypto adoption, as highlighted by Chainalysis’ 2023 Global Crypto Adoption Index. The country ranks among the top five in estimated transaction volume across various platforms, underscoring the vibrancy and potential of its market.
Richard Teng further noted that Binance’s commitment to strict regulatory compliance is central to its business strategy, aiming to create a secure, transparent, and efficient environment.